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Here's my honest thought on buying vs renting. If any individual is in their mid-30s, financially in a good place to be buying, and truly wishes to live in the city of Pittsburgh in a walkable neighborhood, they would do well to just jump in if they find a property that is a fit for them right now. I watch the prices on the Northside like a hawk, and they are climbing steadily. A brick "shell" ready for gut rehab used to sell for $29k on some streets, and the comparable house in a "good" location is now more like $79k. $249 used to get you anything you wanted in this area; now it gets you a "compromise" home that's either too small or in a not very walkable location. Yes, there are some difficult properties that sit on the market for a while, but a really good home is usually under contract within a week or two. I think if someone puts off buying a house in the city sooner rather than later, they might wake up in five years and realize they have been priced out of the neighborhoods they liked.
On the other hand, if somebody wants to live in a generally nice suburb but isn't sure where yet, and also doesn't know where they will be working, then yes, it makes sense to rent and wait. There are a lot more variables out in the suburbs, and while some are getting more expensive, others are pretty stable in price. The commute also gets more complicated, since the city is geographically central and a reverse commute to many places, whereas getting from the North to the South hills can be hellish, etc depending on when and where you have to go. (I don't mean this as any kind of a negative about the suburbs -- I just see them as having more options, and not changing quite as fast as the city. And even then...some of the older, inner ring suburbs are going up as fast as the city...it's more the outer, newer suburbs where I would rent at first, because you don't want to buy in Moon but end up working in Monroeville, or vice versa.)
Son will be relocating to Pittsburgh and wants to purchase a house for his 4 years of Residency and maybe permanent. What areas of the city or surrounding areas should he target?
Engaged, no children, mid-30's age, $250K or less, easy access to the Pathology Dept. (realizing he may be assigned anywhere temporarily).
Thanks,
It would be helpful if son would ask these questions himself.
Here's my honest thought on buying vs renting. If any individual is in their mid-30s, financially in a good place to be buying, and truly wishes to live in the city of Pittsburgh in a walkable neighborhood, they would do well to just jump in if they find a property that is a fit for them right now. I watch the prices on the Northside like a hawk, and they are climbing steadily. A brick "shell" ready for gut rehab used to sell for $29k on some streets, and the comparable house in a "good" location is now more like $79k. $249 used to get you anything you wanted in this area; now it gets you a "compromise" home that's either too small or in a not very walkable location. Yes, there are some difficult properties that sit on the market for a while, but a really good home is usually under contract within a week or two. I think if someone puts off buying a house in the city sooner rather than later, they might wake up in five years and realize they have been priced out of the neighborhoods they liked.
On the other hand, if somebody wants to live in a generally nice suburb but isn't sure where yet, and also doesn't know where they will be working, then yes, it makes sense to rent and wait. There are a lot more variables out in the suburbs, and while some are getting more expensive, others are pretty stable in price. The commute also gets more complicated, since the city is geographically central and a reverse commute to many places, whereas getting from the North to the South hills can be hellish, etc depending on when and where you have to go. (I don't mean this as any kind of a negative about the suburbs -- I just see them as having more options, and not changing quite as fast as the city. And even then...some of the older, inner ring suburbs are going up as fast as the city...it's more the outer, newer suburbs where I would rent at first, because you don't want to buy in Moon but end up working in Monroeville, or vice versa.)
Prices are much higher now. That means it's a seller's market. It doesn't mean prices will keep climbing.
Here's my honest thought on buying vs renting. If any individual is in their mid-30s, financially in a good place to be buying, and truly wishes to live in the city of Pittsburgh in a walkable neighborhood, they would do well to just jump in if they find a property that is a fit for them right now. I watch the prices on the Northside like a hawk, and they are climbing steadily. A brick "shell" ready for gut rehab used to sell for $29k on some streets, and the comparable house in a "good" location is now more like $79k. $249 used to get you anything you wanted in this area; now it gets you a "compromise" home that's either too small or in a not very walkable location. Yes, there are some difficult properties that sit on the market for a while, but a really good home is usually under contract within a week or two. I think if someone puts off buying a house in the city sooner rather than later, they might wake up in five years and realize they have been priced out of the neighborhoods they liked.
On the other hand, if somebody wants to live in a generally nice suburb but isn't sure where yet, and also doesn't know where they will be working, then yes, it makes sense to rent and wait. There are a lot more variables out in the suburbs, and while some are getting more expensive, others are pretty stable in price. The commute also gets more complicated, since the city is geographically central and a reverse commute to many places, whereas getting from the North to the South hills can be hellish, etc depending on when and where you have to go. (I don't mean this as any kind of a negative about the suburbs -- I just see them as having more options, and not changing quite as fast as the city. And even then...some of the older, inner ring suburbs are going up as fast as the city...it's more the outer, newer suburbs where I would rent at first, because you don't want to buy in Moon but end up working in Monroeville, or vice versa.)
I agree totally for the lower north side. I think it has some of the best aesthetics in the city. I think the market in places like brighton heights is like the suburbs though and will stay more stable. (but you may know better than me on this.)
All in all this is going to come down to the preference of the med student. The Pittsburgh housing market is centered on downtown and oakland so if you have abnormal commuting patterns you can find a deal. being a resident i am guessing they will commute by car most of the time.
I too suggest renting at first. Pittsburgh's declining population has lead to much greater differences between neighborhoods than found in other cities. Those differences can be street by street or even block by block. They also lead to trade-offs that everyone views differently.
Prices are much higher now. That means it's a seller's market. It doesn't mean prices will keep climbing.
In general I would agree with you, but in this case it's really about the dynamics of gentrification and what will happen when there is no longer any blight left at all on the lower North side. I do think prices will keep going up for the next 5-10 years.
Paul, I do agree with you about Brighton Heights -- my comments really were about the areas that are within walking distance of the bridges.
In general I would agree with you, but in this case it's really about the dynamics of gentrification and what will happen when there is no longer any blight left at all on the lower North side. I do think prices will keep going up for the next 5-10 years.
Paul, I do agree with you about Brighton Heights -- my comments really were about the areas that are within walking distance of the bridges.
What makes you think all the blight will be gone? (I ask out of curiosity, not a challenge.)
What makes you think all the blight will be gone? (I ask out of curiosity, not a challenge.)
Oh, it's mostly gone already (on the North side). It's incredible...when we moved here five years ago there were boarded up houses everywhere, and now there are entire streets where every house is either renovated or has a permit sign in the window. The change is most dramatic in East Deutschtown, but also noticeable in the areas closer to Allegheny General Hospital, and there's hardly any blight left at all in the Mexican War Streets. The Garden Block is the big exception, but if you look behind the Masonic lodge (which has itself become the new face of City of Asylum) there are three big buildings that had been empty for years, that are all being renovated into nice apartments now. There just aren't that many blighted buildings left to fix up, not compared to what I saw in 2013. Meanwhile the new construction infill is selling at crazy prices...four-story row houses priced at $500k and under contract within ten days, on the Northside. I didn't expect to see that here so soon.
So yes, absolutely it's a seller's market and I don't expect this kind of pace to last forever. But I do think the window is closing for people to be able to buy cool little houses around here for under $300k, which is still possible but no longer easy, even though the area still has a "rough" reputation among some people.
I should also add -- I don't mean to generalize about the entire city, and I should have been more clear throughout that I am really thinking of the most walkable neighborhoods. As Paul was suggesting, it's a different picture in the "suburb in the city" areas like the less walkable parts of Brighton Heights, etc. And I freely admit that I mostly pay attention to the North side.
Oh, it's mostly gone already (on the North side). It's incredible...when we moved here five years ago there were boarded up houses everywhere, and now there are entire streets where every house is either renovated or has a permit sign in the window. The change is most dramatic in East Deutschtown, but also noticeable in the areas closer to Allegheny General Hospital, and there's hardly any blight left at all in the Mexican War Streets. The Garden Block is the big exception, but if you look behind the Masonic lodge (which has itself become the new face of City of Asylum) there are three big buildings that had been empty for years, that are all being renovated into nice apartments now. There just aren't that many blighted buildings left to fix up, not compared to what I saw in 2013. Meanwhile the new construction infill is selling at crazy prices...four-story row houses priced at $500k and under contract within ten days, on the Northside. I didn't expect to see that here so soon.
So yes, absolutely it's a seller's market and I don't expect this kind of pace to last forever. But I do think the window is closing for people to be able to buy cool little houses around here for under $300k, which is still possible but no longer easy, even though the area still has a "rough" reputation among some people.
I should also add -- I don't mean to generalize about the entire city, and I should have been more clear throughout that I am really thinking of the most walkable neighborhoods. As Paul was suggesting, it's a different picture in the "suburb in the city" areas like the less walkable parts of Brighton Heights, etc. And I freely admit that I mostly pay attention to the North side.
Gotcha. Yeah, I know it's mostly gone and I love the lower north side. I just think it's very hard to project into the future.
Oh, it's mostly gone already (on the North side). It's incredible...when we moved here five years ago there were boarded up houses everywhere, and now there are entire streets where every house is either renovated or has a permit sign in the window. The change is most dramatic in East Deutschtown, but also noticeable in the areas closer to Allegheny General Hospital, and there's hardly any blight left at all in the Mexican War Streets. The Garden Block is the big exception, but if you look behind the Masonic lodge (which has itself become the new face of City of Asylum) there are three big buildings that had been empty for years, that are all being renovated into nice apartments now. There just aren't that many blighted buildings left to fix up, not compared to what I saw in 2013. Meanwhile the new construction infill is selling at crazy prices...four-story row houses priced at $500k and under contract within ten days, on the Northside. I didn't expect to see that here so soon.
So yes, absolutely it's a seller's market and I don't expect this kind of pace to last forever. But I do think the window is closing for people to be able to buy cool little houses around here for under $300k, which is still possible but no longer easy, even though the area still has a "rough" reputation among some people.
I should also add -- I don't mean to generalize about the entire city, and I should have been more clear throughout that I am really thinking of the most walkable neighborhoods. As Paul was suggesting, it's a different picture in the "suburb in the city" areas like the less walkable parts of Brighton Heights, etc. And I freely admit that I mostly pay attention to the North side.
i hate to call you out and mean it in the nicest was possible but the north side includes every neighborhood north of downtown, so i think saying there is no blight in the north side is confusing. the lower north side is more appropriate and would be pretty true. MWS have always been pretty nice but there has definitely been expansion of nice houses around them. but you were never going to get one of the great houses for much under 200k. i agree totally about east deutchtown though. awesome houses.
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